Gold Intraday Chart Update: The price of gold dropped a lot after it couldn’t break past $3,440 again. It also fell below an important level called the 21-day Simple Moving Average (SMA), which is at $3,300.
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But there’s a sign that things might improve soon. The 14-day Relative Strength Index (RSI) is holding steady, hinting that gold’s price could bounce back.
For gold to keep going up, it needs to climb back above $3,400 and stay above the recent two-week high of $3,400. The big goal is hitting the all-time high of $3,500.
On the other hand, if gold closes below $3,300, it might keep falling. The next levels to watch are $3,255 and the low from May 2 at $3,220. If those break, gold could drop even more to the 50-day SMA at $3,130.